The ATM Industry Association (ATMIA) has formed a new US Underbanked Forum to enable development and deployment of ATM solutions, which will address the needs of the US unbanked and underbanked individuals.
Despite excessive use of mobile devices for payments, many traditional bank accounts still need to be connected, claims ATMIA.
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ATMIA USA executive director, David Tente, said a 2012 Forbes article referenced an FDIC survey indicating that 28.3% of US households conduct the majority of their financial transactions outside of the traditional banking system and there was an urgent need for ATM-based solutions for underbanked consumers.
"The ATM is the perfect platform for linking traditional and non-traditional financial transactions. And financial institutions, independent operators, networks, and processors all share a very high level of interest in creating new solutions to serve this market," Tente added.
Cardless transaction at the ATM is another option to accelerate the development of payment systems for the underbanked, according to ATMIA.
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